AS Klaveness Chartering is now TRACE certified
We are happy to announce that another Klaveness entity, AS Klaveness Chartering has been TRACE certified*. This is an important part of our efforts to certify key entities with TRACE International.
AS Klaveness Chartering is our most active company in terms of transactions performed per year. The TRACE certificate is an incredibly valuable business credential that not only saves us time on counterparty reviews, but also serves as a tool that enables us to identify solid business partners and map their business conduct to ensure that we follow all laws and regulations.
Larger players usually require compliance documentation that include e.g., identification of corporate structure, information about the ultimate beneficiary owners, information about politically exposed persons associated with the company and reporting of any breaches of international sanctions or national law. The TRACE certificate is therefore a valuable compliance credential, as TRACE certified companies have completed a comprehensive due diligence process administrated by TRACE, the world’s leading antibribery standard setting organization
Klaveness accept a TRACE certificate as sufficient proof of compliance, as do some others. Where counterparties still require relevant documentation, this could be provided though TRACE’s online platform. In short, TRACE offers a cost-effective clearing of compliance documentation and know-your-customer procedures, effectively reducing counterparty risk.
We encourage players in the shipping industry, including banks and suppliers, to use TRACE for compliance verification to enable cost efficient KYC processes and improved transparency in a global industry.
*TRACE certified companies meet international due diligence demands and demonstrate high commitment to transparency and integrity with an internationally accepted compliance credential.
Related article: TRACE good business and reduce counterparty risk. 21 Apr 2016